Metaplanet Sells Huge Bitcoin Block Amid Unprecedented Losses

Metaplanet, Asia's Strategy and third-largest Bitcoin treasury firm, transferred 3,881 BTC in just three hours on Wednesday. The company's stock price fell over 5% today amidst speculation that it is following other Bitcoin treasuries in selling holdings.

The transfer was made in five transactions, but there is no confirmation that the Bitcoin was sold. Metaplanet now holds 36,296.36 BTC worth $2.30 billion in its primary wallet.

This move comes as the company sits on a significant unrealized loss of nearly $1.6 billion or a 38% drawdown, carrying an unrealized loss since acquiring 43,000 BTC for $4.410 billion at current prices near $63,800.

Metaplanet's stock price has tumbled over 6% in the last month and is down 52% year-to-date despite a partnership to create a digital credit system using Bitcoin, JPYC's stablecoin, and security tokens.